Russia opens online fuel bourse
Russia's energy supreme, First Deputy Prime Minister Igor Sechin, has been shown around the country's first online oil exchange.
“This is a key way to make oil price formation transparent,” Sechin told RT.
Rosneft says trading on the bourse will mean savings for consumers at the petrol station.
“This removes intermediaries and will bring down the price of oil. We hope 50% of our trade will eventually go through these exchanges,” Rosneft’s President Sergey Bogdanchikov said.
It's the world's first oil exchange not dollar-denominated.
Prime Minister Vladimir Putin calls this the starting step to make the ruble an international reserve currency.